- You can ensure quality. Avoid the “flipping mentality” and instead focus on renovation quality as opposed to turning a profit. Since this is the house you're going to be living in, you should be able to manage the workmanship that goes into it.
- You’ll have more say-so over your location. Using an all-in-one Renovation Loan from Academy Mortgage allows you to acquire a property in the area that you wish and fund the money for the home improvements, all with one loan at the time of purchase.
- You’ll have freedom and flexibility. Not only will you have more opportunity to live in your desired neighborhood without having to compromise, you’ll also gain the flexibility and freedom to own your renovation process from start to finish. You can customize your home any way you’d like.
- You can choose to spend more to get what you want. Speaking of customization: The world really is your oyster when it comes to how you renovate. Since you’re not designing your home for profit, you can plan more complex projects to create the dream home you have in mind.
Talk to a mortgage expert to find out your best option.
Remember, quality is oftentimes in the things you don't see—the things that a home inspection doesn’t pick up. These potential issues may be behind the walls or in other areas out of sight. But they matter: The difference in quality can be the difference between the craftsmanship of a home lasting five years versus 50.
A perfect example of this is tile. There’s a systematic approach when installing tile that will ensure it won’t crack and that it will stay adhered for as long as you own the house. This typically starts with installing and securing the underlayment. Whether it’s a Schluter system or fiber cement board, the installation technique and the materials used will ensure the quality.
However, if tile is installed directly to the subfloor, it may feel sound and secure now, but it most likely won’t last for more than a couple of years before you start seeing problems. How would you know if tile was installed properly?
As mentioned above, this is a major benefit of overseeing your home’s renovation yourself. More than half of homeowners agree: Recently, home remodeling activity hit a four-year high.